This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
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S. 45 : Capital gains-Registration of sale deed-Possession not handed over-Matter remanded to CIT(A). [S.2(47)(v)]

ACIT v. Amarjeet Singh (Decd.) (2022)95 ITR 62 (SN)(Delhi)(Trib)

S. 45 : Capital gains-Business income-Mutual funds and shares-Rule Of Consistency followed-Assessing the income as business income was deleted. [Circular No. 6 of 2016, Dated 29-2-2016]

Steel Authority of India Employees’ Co-Operative Credit Society Ltd. v. ACIT (2022)96 ITR 599 (Kol)(Trib)

S. 45 : Capital gains-Sale of shares-Long term capital gains-Survey-Penny stock-Denial of exemption is not valid. [S. 10(38), 56, 133A]

ITO v. Bimala Devi Singhania (Smt) (2022) 217 DTR 17 / 219 TTJ 229 / (2023) 146 taxmann.com 449 (Cuttack)(Trib). ITO v. Radheshyam Singhania 2022) 217 DTR 17 / 219 TTJ 229 / (2023) 146 taxmann.com 449 (Cuttack)(Trib).

S. 45 : capital gains-Transferable development rights-Co-owned land-Cost of acquisitions-Assets having no cost of acquisition-Not chargeable as capital gains. [S. 2(14), 55, 56]

ITO v. Kirit Raojibhai Patel (2022) 217 TTJ 704 / 141 taxmann.com 172 (Mum)(Trib)

S. 45 : Capital gains-Sale of shares-Cash credits-Penny stocks-Accommodation entries-Survey-Search-No fault was found in the documents submitted by the assessee-Sale proceeds cannot be assessed as undisclosed income-Reassessment was quashed. [S. 10(38) 68, 132, 133, 147, 148]

Sandipkumar Parsottambhai Patel v. ITO (2022) 217 TTJ 938 / 214 DTR 251 / 137 taxmann.com 373 (Surat)(Trib)

S. 45 : Capital gains-Shares-Purchased through broker on recognised stock exchange-Sold through stock exchange-Paid Securities Transaction Tax-Denial of exemption is not justified. [S. 10(38)]

ITO v. Mamta Rajivkumar Agarwal (Smt.) (2022) 100 ITR 17 (SN)(Ahd.)(Trib.)

S. 45 : Capital gains-Cost of acquisition-Value as on 1-4-1981-Departmental Valuation Officer adopting rate of Rs. 21 Per square metre average of three sale instances of land-Assessee adopting rate at Rs. 25.69 Per Square metre-Reasonable and accepted. S. 49]

Wagra Taluka Co-Operative Marketing and Processing Society Ltd. v. ITO (2022) 99 ITR 8 (SN) (Surat)(Trib.)

S. 45 : Capital gains-Compulsory Acquisition of property-Co-owners-Matter remanded [S. 54F, Right To Fair Compensation And Transparency In Land Acquisition, Rehabilitation And Resettlement Act, 2013, Tamil Nadu Highways Act, 2001]

E. Murugan v. ITO (2022)99 ITR 31 (SN)(Chennai) (Trib)

S. 45 : Capital gains-Cost of acquisition-Paid to assignment holder-Assignment agreement not registered-Allowable as deduction-Matter remanded for verification. [S. 19, 144C]

Ravi Kumar Tirupati Parthasarathy v. Dy. CIT (2022)99 ITR 70 (SN) (Bang.)(Trib.)

S. 45 : Capital gains-Income from other sources-Compensation received for constructed property on compulsory acquisition of land-Assessable as a capital gain-Directed to treat 60 per cent as cost of acquisition-Reassessment was held to be valid. [S. 48, 147, 148]

Ambaben Jamubhai Patel v. ITO (2022) 219 TTJ 674 / 218 DTR 41 (Surat) (Trib)